MANG1027 Personal Finance
Module Overview
This module develops your understanding of important household financial decisions by introducing some relevant theoretical concepts, showing how actual calculations are made, and then discussing how these individual decisions are important for society. The individual decision is considered in the context of the macroeconomy, and vice versa; the state of the macroeconomy can then affect the individual decision. In addition to this practical knowledge, you are expected to take away a considered perspective on the social dimension of personal financial decisions.
Aims and Objectives
Module Aims
to give you an understanding of the basic concepts and techniques relating to the management of personal finances. It will provide an understanding of returns, risks, financial planning and forecasting. You will be introduced to alternative forms of mortgage, investment and insurance, and the methods that can be used to analyse their potential costs and benefits. The impact of taxation upon financial decisions will also be considered.
Learning Outcomes
Knowledge and Understanding
Having successfully completed this module, you will be able to demonstrate knowledge and understanding of:
- understanding finance theory decision-making and valuing financial assets
- different forms of mortgage and other types of loan
- the major taxes that impact upon financial decisions
- the importance of planning for retirement
Subject Specific Intellectual and Research Skills
Having successfully completed this module you will be able to:
- demonstrate an understanding of the important issues when conducting personal financial planning
- Demonstrate an understanding of the main aspects of savings
Transferable and Generic Skills
Having successfully completed this module you will be able to:
- demonstrate competence generally in numerical analysis and problem solving
- demonstrate effective written communication
Syllabus
Balancing your personal budget Appreciating the limitations of financial regulation Managing your debt Understanding income tax and national insurance Building your savings Understanding capital gains tax and inheritance tax Investing for the future Buying your own home investing in buy-to-let property Using insurance to manage your risks Planning for your retirement Making your will
Learning and Teaching
Teaching and learning methods
Weekly lectures will provide an overview of the main issues arising in the module. Weekly classes will supplement the lectures which will support student learning by providing opportunities for students to attempt, and gain feedback on, numerical and problem-solving exercises. You will also have the opportunity for both directed and non-directed independent reading.
| Type | Hours |
|---|---|
| Lecture | 24 |
| Revision | 27 |
| Completion of assessment task | 30 |
| Follow-up work | 49 |
| Seminar | 10 |
| Preparation for scheduled sessions | 10 |
| Total study time | 150 |
Resources & Reading list
Callaghan, G., I. Fribbance, and M. Higginson (2011). Personal Finance.
King J., Carey, M. (2014). Personal Finance.
Assessment
Formative
In-class activities
Summative
| Method | Percentage contribution |
|---|---|
| Examination (2 hours) | 70% |
| Group report (2000 words) | 30% |
Repeat
| Method | Percentage contribution |
|---|---|
| Examination (2 hours) | 70% |
| Report (2000 words) | 30% |
Referral
| Method | Percentage contribution |
|---|---|
| Examination (2 hours) | 100% |
Repeat Information
Repeat type: Internal & External
Costs
Costs associated with this module
Students are responsible for meeting the cost of essential textbooks, and of producing such essays, assignments, laboratory reports and dissertations as are required to fulfil the academic requirements for each programme of study.
In addition to this, students registered for this module typically also have to pay for:
Printing and Photocopying Costs
There will be additional costs for printing.
Textbooks
Recommended texts for this module may be available in limited supply in the University Library and students may wish to purchase the core/recommended text as appropriate.
Please also ensure you read the section on additional costs in the University’s Fees, Charges and Expenses Regulations in the University Calendar available at www.calendar.soton.ac.uk.